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RE: US Tax Considerations – UPDATE on the IRS “John Doe” Summons to Coinbase
I just posted on your piece about this.
I think related tax issues could create a host of problems for taxpayers. Things such people who transacted in Bitcoin for freelance services of over $600 in value had a reporting requirement to the IRS they may never have known about; people who moved an aggregate value of more than $10,000 worth of crypto into a foreign exchange who failed to file their FBAR and declare the foreign account on their income taxes (violation of Anti Money Laundering Laws with draconian penalties) and a host of other things.
The crypto community as a whole should be concerned. Country of origin will not matter.
Thanks I saw your answer it was really informative. I think we will all need to be much more careful and start paying attention to our respective laws! I wonder if this development has been in the mainstream news at all. I haven't checked yet.
Also the fact that everything on Steemit is in plain sight makes it a lot easier for the governments to come after us on Steemit - which they most certainly will once it takes off. Best to discuss these things now.
Do we have any tax lawyers in the community?